Work out the index number for each year using 2006 as the base year:
Index number for 2008: 65 ÷ 60 x 100 = 108.3 = 108
Index Number = Current Price÷base year price x 100
Chain Based Index Number = current price ÷ previous year price x 100
Weighted index number E (index number x weight) ÷ E weight
E = Sum
Simple Index numbers:
Time Series
NOTES:
Comment on the highest and lowest values and if there is any
patterns
Calculate the average seasonal variation for quarter 1
-42 - 44 - 40 ÷ 3 = -42
Time is plotted on the horizontals
Example: The trend line for the
sales of ice cream is rising, yet the
sales in the first and fourth quarter
are less then the trend line suggest ,
while those in the second and third
quearters are above the trend
suggesting a seasonal variation.
More ice cream is sold in the
summer months when weather
conditions are ideal for eating ice
cream.
Collecting Data
Random Sample : Where each piece of data has an equal chance of being
picked.
Stratified Sample: Where the data sampled is in proportion to the population
Quota Sample: The amount of quota of each group is given eg 100 woman were sampled
Systematic Sampling- Data is chosen at regular intervals eg every 10th person
Cluster Sampling: The population is divided into groups (cluster) and then a group is chosen at random
Pilot survey:pre-test
suitable for bigger survey
Census: This is when all of the data in the population is taken. For example a census of the entire population of the UK is taken every 10 years.